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This presentation focuses on the influence of the so-called 4th Technical Revolution 'Industry 4.0' or 'Internet of Things and Services' on production industry, in particular on metal forming industry using the forging industry as an example. Based on a study by a team of experts led by the Deutschen Akademie der Technikwissenschaften acatech (National Academy of Science and Engineering), the visions of Industry 4.0 and several initial applications will be described. The research necessary to realize and implement these visions will then be illustrated. It is described how parts of Industry 4.0 are already being implemented in many metal forming businesses. Other parts are, however, far from realization or it would not be possible or useful to implement them. Industry 4.0 is not feasible or affordable for all types of production companies, at least not in the near future. In a final visionary approach, the direction in which the forging industry could be headed with the aid of modern information technology is described. Open die forging technology as an extremely flexible forming method could be developed in parallel with the 3D printing technology. Whereas 3D printing technology operates using a 'bottom up' approach starting with simple powder particles to develop a complex product, 3D flexible forging technology uses a 'top town' approach starting with a simple wrought material (block, slab, etc) and uses various cold or hot forging operations (analog to a blacksmith) to produce complex shapes. The conclusion of this presentation is that Industry 4.0 will be successful if production and material engineering will develop new innovative materials and production technologies in parallel with the new IT methods. [ABSTRACT FROM AUTHOR]